Beyoncé and Jay Z finally closed on their first Los Angeles home this summer, and the Los Angeles Times now has a few more details about the purchase—including the fact that the couple didn’t pay in cash.
The singer and rapper paid $88 million for the enormous 30,000-square-foot estate in Bel Air. That’s a bit less than the previously reported $90 million price tag, and well under the $120 million offer the pair were rumored to have made in April.
But despite a combined net worth of over $1 billion, the couple took on a mortgage of $52.8 million to pay for the home, according to the Times.
That suggests the couple put a hefty 40 percent down payment toward the purchase, amounting to a whopping $35.2 million. Assuming a conventional 30-year fixed rate loan with a 4 percent interest rate, that leaves them with a monthly payment of over $250,000 per month, according to Zillow’s mortgage calculator.
Of course, that’s before factoring in insurance payments and property tax. If the home’s $88 million price tag is close to its assessed value, the couple will likely be hit with annual property tax payments of around $1.05 million per year. For the sake of comparison, that’s nearly double LA County’s median home price of $569,000.
The mansion sits on two acres and includes a total of four swimming pools, along with multiple balconies, a “wellness center,” separate staff quarters, and an full-sized basketball court. It’s a brand new spec house developed by investor Dean McKillen and designed by Paul McClean.
The $88 million sale is the largest in LA this year and the sixth-largest in LA history, according to the Times. The price just beat out that of David Geffen’s former Malibu estate, scooped up by Dodgers owner Mark Walter for $85 million in May.